What is the take home pay after state income taxes are paid

Assignment Help Macroeconomics

Reference no: EM13183164

You are looking at three different job options, one in Pennsylvania, one in Texas, and one in New York.

The offers are as follows:

Salary

State tax rate

Pennsylvania

$62,000

3.07%

Texas

$64,000

0.00%

New York

$68,000

6.85%

What is the take home pay of the three options after state income taxes are paid? Which of these offers will you accept if you are only interested in maximizing your after tax income?

Pennysylvania:

After tax income = 62000 * (1 - 3.07/100) = 60096.6 dollars

Texas:

After tax income = 64000* (1 - 0/100) = 64000 dollars

New York:

After tax income = 68000 * (1 - 6.85/100) = 63342 dollars

Thus, Job accepted: Texas
Regardless of which job you take, you will have to pay federal income taxes. Using the 2012 tax brackets as listed in your book, what is you federal income tax owed?

TAX OWED: ____

Reference no: EM13183164

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